The dollar weakened after signs that the US economy may be slowing, the yen held near a record low against the euro and the New Zealand dollar extended its sharp slide after the Royal Bank of New Zealand ruled out raising rates further.

GBP

The sterling continued climbing higher despite the fact that the CBI's industrial orders survey improved by less than expected. The sterling remained strong on the exchanges, underpinned by weakness in the US dollar, and previously released robust economic indicators.

USD

The dollar dipped after the Fed's Beige Book survey of economic activity suggested that growth in the US economy might be slowing down. As a result, the greenback was heavily sold off, hitting two-week lows against the euro and one-week lows against the yen.

EUR

Despite a not so favourable IFO report, the euro recovered slightly. It firmed up against the pound but hit an all-time high against the yen.

JPY

After six years of zero interest, the BOJ are set to keep interest rates at 0.25 per cent to see how the market will adjust. The bank has noted that there will not be any immediately visible effects.

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